Jumbo Home Loans

Jumbo home loans are great when your loan amount is higher than the limits allowed on a conventional home loan ($453,100). They're sometimes called non-conforming home loans since they don’t “conform” to the standard limits and guidelines of a conventional mortgage. 

Qualifying for a Jumbo Home Loan

   The qualifications for a jumbo loan are similar to other mortgage programs. Your credit scores, income, monthly debt obligations, and other information are reviewed. But jumbo home loans can have additional requirements. For example, an underwriter will want to see that you have more cash reserves in your bank account than would be required on a conventional mortgage.

Higher Risk

     Mortgage lenders see jumbo loans as more risky than other home loan programs because the loan amount and monthly mortgage payments are higher. Because of that increased risk, the interest rates are slightly higher on jumbo home loans. The down payment requirements are also larger, with typical down payments ranging from 15% to 20% of the purchase price. However, when you work with us you'll have access to our low down payment jumbo home loan!

Jumbo Home Loan Options

   5% down payment, 30 year fixed rate mortgage, 5.900% annual percentage rate (as of 10/05/2018)

    740 credit score required

   10% down payment, 30 year fixed rate mortgage, 5.674% annual percentage rate (as of 10/05/2018)

    720 credit score required

Note: The annual percentage rate is different from the interest rate. An annual percentage rate includes the interest rate and other costs, such as mortgage insurance. For interest rate info, please give us a call.

 

Conventional High Balance

Conventional High Balance is an affordable alternative to a Jumbo loan that can help you get a bigger home with a lower interest rate! Conventional High Balance loans allow you to finance up to $679,650 while providing:

  • Low interest rates

  • Fast closings

  • Easier guidelines and qualifications (compared to Jumbo loans)

  • Options without mortgage insurance premiums

  • Low down payment requirements (10% of the purchase price)

Conventional High Balance Home Loan Options

   10% down payment, 30 year fixed rate mortgage, 5.154% annual percentage rate (as of 10/05/2018)

    680 credit score required

Note: The annual percentage rate is different from the interest rate. An annual percentage rate includes the interest rate and other costs, such as mortgage insurance. For interest rate info, please give us a call.

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435-755-2177

664 North Main Ste. 103

Logan, UT 84321

NMLS: 3135

Wasatch Mortgage Solutions

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